IRA, 401(k) contribution limits increase for 2013

Good news, savers. You can put more into your retirement accounts in 2013.

The limits for IRAs and 401(k) plans have increased.

You can now drop $5,500 into your Roth or traditional IRA, up from $5,000. If you're at least 50, you can deposit $6,500 a year.

Limits on 401(k) plans have been raised, too, from $17,000 to $17,500. Here, though, the limit for those at least 50 making catch-up contributions hasn't changed.

That'll stay at $23,000.

A $500 increase might not sound like a lot, but if you max out every year, that's thousands of dollars more you can deposit into retirement savings throughout your career — and thousands of dollars more that will compound and grow over time.

And remember, you pay no taxes on what you save or what you earn from your investments until you begin withdrawing money from your account.